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Embargoed  00:01 7 March 2012

2011 FRAUD LOSSES CONTINUE DOWNWARD TREND

Responding to the 2011 “payment fraud losses” published by Financial Fraud Action UK; Cheque and Credit Clearing Company; and the UK Cards Association, David Sinclair, Assistant Director, Policy and Communications at the International Longevity Centre – UK (ILC-UK) said:
 
“Innovations such as Chip and Pin and improved internet security have had a major impact in terms of reducing payment related financial fraud.

But the 17% growth in cheque fraud is a worrying development. Older people remain more likely to use cheques than other ages and therefore may be more vulnerable to fraud. If we are to reduce fraud further, we must find ways of supporting all ages move towards payments technologies which are less susceptible to fraud. New innovations in payments must be accessible and usable for all age groups. The payments and retail industry should work together to promote other accessible alternatives to the cheque such as Chip and Signature.

What these fraud figures highlight is that if retailers are to be convinced to continue to accept cheques, they are likely to need some form of cheque guarantee as security."

ILC-UK last week hosted an event with the support of the Payments Council and Research Councils UK to explore how new technologies can deliver innovative payment solutions to meet all age groups, including the oldest old.

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About ILC-UK
The International Longevity Centre-UK is the leading think tank on longevity and demographic change. It is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change. We develop ideas, undertake research and create a forum for debate.
Contact: David Sinclair 02073400446 or 07543646992

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